PR Newswire
LONDON, United Kingdom, March 18
BLACKROCK AMERICAN INCOME TRUST PLC (LEI:549300WWOCXSC241W468)
All information is at 28 February 2026 and unaudited.
Performance at month end with net income reinvested
One Three Six One Three Five Years
Month Months Months Year Years
Net asset value 4.8 7.5 16.9 16.7 33.6 70.5
Share price 5.0 10.2 20.5 25.1 37.3 81.6
Russell 1000 Value Index 4.7 6.4 13.6 10.8 40.7 81.5
Russell 1000 Value Index 4.7 6.4 13.4 10.5 39.3 78.6
(Net 15% WHT Total
Return)*
*The Company’s performance reference index (the Russell 1000 Value Index) may be
calculated on either a gross or a net return basis. Net return (NR) indices
calculate the reinvestment of dividends net of withholding taxes using the tax
rates applicable to non-resident institutional investors and hence give a lower
total return than indices where calculations are done on a gross basis. As the
Company is subject to the same withholding tax rates for the countries in which
it invests, the NR basis is felt to be the most accurate, appropriate,
consistent and fair comparison of performance returns for the Company.
At month end
Net asset value – capital only: 244.54p
Net asset value – cum income: 244.54p
Share price: 242.00p
Discount to cum income NAV: 1.0%
Net yield1: 5.5%
Total assets including current year revenue: £138.0m
Net cash: 0.1%
Ordinary shares in issue2: 56,412,138
Ongoing charges3: 0.73%
1 Based on one quarterly dividend of 3.03p per share declared on 15 May 2025,
one quarterly dividend of 3.23p per share declared on 07 August 2025 and one
quarterly dividend of 3.44p per share declared on 03 November 2025 for the year
ended 31 October 2025 and based on one quarterly dividend of 3.55p per share
declared on 02 February 2026 for the year ending 31 October 2026, and based on
the share price as at close of business on 28 February 2026.
² Excluding 38,949,167 ordinary shares held in treasury.
³ The Company’s ongoing charges calculated as a percentage of average daily net
assets and using the management fee and all other operating expenses excluding
finance costs, direct transaction costs, custody transaction charges, VAT
recovered, taxation and certain non-recurring items for the year ended 31
October 2025.
Sector Analysis Total Assets (%)
Financials 20.8
Industrials 14.6
Information Technology 13.5
Health Care 11.9
Consumer Discretionary 7.8
Consumer Staples 7.6
Communication Services 7.2
Energy 5.9
Materials 4.1
Utilities 3.0
Real Estate 2.9
Net Current Assets 0.7
—–
100.0
=====
Country Analysis Total Assets (%)
United States 99.3
Net Current Assets 0.7
—-
100.0
=====
#
Top 10 Holdings Country % Total Assets
Alphabet United States 4.3
JPMorgan Chase United States 2.6
Amazon United States 2.4
Berkshire Hathaway United States 2.4
Procter & Gamble United States 2.3
Walmart United States 2.1
Chevron United States 2.0
Bank Of America United States 2.0
Micron Technology United States 1.8
Morgan Stanley United States 1.6
Travis Cooke and Muzo Kayacan, representing the Investment Manager, noted:
For the month ended 28 February 2026, the Company’s NAV returned 4.8%,
outperforming the Russell 1000 Value Index which returned 4.7% net of fees.
February marked an acceleration of concerns that AI is a material threat to an
increasingly broad range of asset light and human capital driven business
models. Software continued to represent the highest profile losers of this
rotation, but February also saw concerns about disruption broaden to areas such
as Consumer and Commercial Services and Wealth Management. This coincided with
slew of news releases from several model providers announcing enhancements
designed to replicate human driven processes deployed within these businesses.
The result was an obvious and clear rotation away from new economy asset light
business models towards old economy capital intensive businesses perceived as
being less at risk of disruption.
Positions in the Consumer Discretionary sector were the top contributors, helped
by an overweight exposure in auto parts firm BorgWarner, which not only
announced strong earnings and guidance, but also details of turbine solutions to
be used in AI data centres. Positions in Energy stocks were the largest
detractor, including an underweight exposure in Exxon Mobil, which announced
strong earnings and share buybacks at the end of January.
Signals that capture momentum in company fundamentals as well as quality were
the top contributors to performance for the month, while top down signals
detracted a little. Insights that track stock price trends across companies’
suppliers, customers and peers nicely captured the old economy versus asset
light theme. However, top down signals that look at relationships between market
volatility and sector returns were less well placed for this theme.
Source: BlackRock.
18 March 2026
Latest information is available by typing
blackrock.com/uk/brai (http://www.blackrock.co.uk/brna) on the internet,
«BLRKINDEX» on Reuters, «BLRK» on Bloomberg or «8800» on Topic 3 (ICV
terminal). Neither the contents of the Manager’s website nor the contents of
any website accessible from hyperlinks on the Manager’s website (or any other
website) is incorporated into, or forms part of, this announcement.
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